Quality homeowners and taxpayers are bristling at the goverment funding of new home buyers. They did not get any help buying or keeping their homes and yet their tax money is going to assist first time home buyers to the tune of $8000.00 each? Now the goverment is even allowing first time home buyers to apply this $8000 to their cost at closing making it a virtual 100% mortgage. Taxpayers cry that 100% loans were part of the reason the housing market got into trouble in the first place. Homeowners scream that they have seen their home value slide to where they are underwater and therefore cannot qualify for refinancing to the lower rate of 4.5%. If they can make their payments at 7% rate, it is a sure thing they could make their payment at 4.5% rate. But, No!, they cannot qualify for a refi!! Something is definitely wrong with this picture!!